GIC Steps Up Push
Into Japanese Property

Singapore State Company
Will Invest $600 Million
In Venture With ProLogis

By

Cris Prystay Staff Reporter of The Wall Street Journal

Updated Sept. 2, 2005 12:01 a.m. ET

SINGAPORE -- The real-estate arm of the Government of Singapore Investment Corp. said it will invest US$600 million to buy an 80% stake in a Japanese property fund managed by industrial warehouse giant ProLogis, a Denver-based real-estate investment trust.

The fund, which will buy and build warehouse and distribution facilities in Tokyo, Osaka and Nagoya, intends to eventually raise and invest US$3 billion. In 2002, GIC and ProLogis...